![]() Join us for the CNBC Financial Advisor Summit on Wednesday, June 15 to hear forward-thinking advisors and financial experts discuss the state of the markets, inflation and their best investing practices. "Have a plan and work with someone to set that plan up," said Kearns, adding that there are a lot of resources that span price points from digital tools, platforms to in-person advisors. "It's the right time to really take a good look at your goals, your risk tolerance and your financial plan," said Schaeffer, adding this is especially important for those in transitional periods such as nearing retirement or getting ready to send a child to college. Those struggling to manage their money or feeling stressed about the current environment may want to enlist professional help for better budgeting or future planning. "The reality is we may see a taper off in the rapid rise of costs but that doesn't necessarily mean that when I go into the grocery store to buy baby formula that all of a sudden the manufacturer is going to go back to what they were charging two years ago," she said. It also means reviewing your emergency savings to ensure you have enough socked away to cover increased prices.Īs people plan for future spending, such as an upcoming vacation, they may also want to budget more than they usually would, Anastasio said. This may mean cutting back on discretionary purchases or budgeting more for items that have gone up in price. "Be smart about spending the money you do have," Kearns said. "This is a very delicate dance that the Fed is conducting," said Anastasio, adding that while the central bank will do its best to tamp down inflation without halting the economy too much, there's a lot of factors that are out of its control, such as uncertainty stemming from the war in Ukraine.įinancial experts recommend taking time now to review your spending and saving to strike a solid balance. ![]() Paying down debt is just one way to set yourself up for financial success in the future, something that's especially important as people weigh the risk of a recession. Personal Loans for 670 Credit Score or Lower ![]() Personal Loans for 580 Credit Score or Lower ![]() Best Debt Consolidation Loans for Bad Credit ![]()
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